'bagwoman' originates from English, specifically the compound of 'bag' + 'woman', where 'bag' meant 'a sack or pouch' and 'woman' meant 'female person'.

'bagwoman' formed by analogy to the earlier slang 'bagman' (late 19th to early 20th century), which itself derives from 'bag' + 'man' and referred to a person who carried or collected money (often illicitly).

Initially it would have meant simply 'a woman who carries a bag'; over time it came to specifically denote 'a woman who carries or collects money, often as an intermediary in illicit or covert transactions.'